Q1 2026: Revenue up but operating profit down, debt surge and derivative volatility

Revenue ₩32.3B (up 47.6% YoY), operating profit ₩1.3B (down 69.2% YoY)
Net income ₩44.9B (vs. ₩3.2B prior year) includes non-cash derivative gains of ₩61.2B; excluding these, operating loss
Short-term borrowings surged to ₩326.2B from ₩1.0B at year-end (Shinhan Bank loan ₩326.2B)
Convertible bonds carrying value ₩16.7B, derivative liabilities increased to ₩39.3B
Long-term supply contract with global aerospace launch company until 2035; initial demand forecast USD 110M, confirmed 2026 revenue USD 55M
Acquired 10% stake in Indonesia ENC Project to stabilize nickel raw material supply chain (commissioning underway, target Oct 2026)
Holds 1,857,893 treasury shares; disposed 1,937,466 shares during Q1 for employee compensation and subsidiary capital contribution
Two pending lawsuits (wrongful dismissal ₩0.3B, damages ₩0.4B) and tax penalty ₩0.2B
EPS ₩1,003 (diluted ₩173), up from ₩133 prior year, but affected by dilution and non-cash items

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